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ACC 403 Knowledge is divine / snaptutorial.com

1. If an auditor believes the chance of financial failure is high and there is a corresponding increase in business risk for the auditor, acceptable audit risk would likely:<br>2. The preliminary judgment about materiality and the amount of audit evidence accumulated are ________ related.<br>3. Auditors generally allocate the preliminary judgment about materiality to the:<br>

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ACC 403 Knowledge is divine / snaptutorial.com

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  1. ACC 403 Knowledge is divine / snaptutorial.com

  2. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Final Exam 1 Chp. 9-13 For more classes visit www.snaptutorial.com 1. If an auditor believes the chance of financial failure is high and there is a corresponding increase in business risk for the auditor, acceptable audit risk would likely: 2. The preliminary judgment about materiality and the amount of audit evidence accumulated are ________ related.

  3. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Final Exam 2 Chp. 14-17 & 21&24 For more classes visit www.snaptutorial.com 1. What critical event must take place before goods can be shipped in order to assure payment can be reasonably expected?

  4. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Final Exam Part 1 For more classes visit www.snaptutorial.com 1. Auditors typically rely on internal controls of their private company clients: 2. An auditor who audits a business cycle that has low inherent risk should:

  5. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Final Exam Part 2 For more classes visit www.snaptutorial.com 1. A document prepared to initiate shipment of the goods sold by an independent shipper is the: 2. The document used to indicate to the customer the amount of a sale and payment due d

  6. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Mid Term I For more classes visit www.snaptutorial.com 1. An audit to determine whether an entity is following specific procedures or rules set down by some higher authority is classified as a(n): 2. Which of the following services provides the lowest level of assurance on a financial statement?

  7. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Mid Term Part 1 For more classes visit www.snaptutorial.com 1. Recording, classifying, and summarizing economic events in a logical manner for the purpose of providing financial information for decision making is commonly called: 2. ________ risk reflects the possibility that the information upon which the business decision was made was inaccurate.

  8. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Mid Term Part 2 For more classes visit www.snaptutorial.com 1. The principal issue in cases involving alleged negligence is usually: 2. "Absence of reasonable care that can be expected of a person in a set of circumstances" defines:

  9. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 midterm exam part 1 For more classes visit www.snaptutorial.com 1. ________ risk reflects the possibility that the information upon which the business decision was made was inaccurate. 2. Any service that requires a CPA firm to issue a report about the reliability of an assertion that is made by another party is a(n):

  10. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Midterm Exam part 2 For more classes visit www.snaptutorial.com 1. In the performance of an audit, a CPA: 2. Under the laws of agency, partners of a CPA firm may be liable for the work of others on whom they rely. This would not include:

  11. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 midterm part 1 For more classes visit www.snaptutorial.com 1. ________ risk reflects the possibility that the information upon which the business decision was made was inaccurate. 2. Any service that requires a CPA firm to issue a report about the reliability of an assertion that is made by another party is a(n):

  12. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Midterm part 2 For more classes visit www.snaptutorial.com 1. In the performance of an audit, a CPA: 2. Under the laws of agency, partners of a CPA firm may be liable for the work of others on whom they rely. This would not include:

  13. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Quiz 8 For more classes visit www.snaptutorial.com 1. Which of the following most likely would be detected by a review of a client's sales cutoff?

  14. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Quiz 1 Set 1 For more classes visit www.snaptutorial.com 1. An audit to determine whether an entity is following specific procedures or rules set down by some higher authority is classified as a(n): 2. The Sarbanes-Oxley Act applies to which of the following companies?

  15. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Quiz 1 Set 2 For more classes visit www.snaptutorial.com 1. Which of the following is considered audit evidence? 2. Recording, classifying, and summarizing economic events in a logical manner for the purpose of providing financial information for decision making is commonly called: 3. The three requirements for becoming a CPA include all but which of the following?

  16. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Quiz 1 Set 3 For more classes visit www.snaptutorial.com 1. An accountant: 2. The Sarbanes-Oxley Act applies to which of the following companies?

  17. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Quiz 2 Chp 3-4 For more classes visit www.snaptutorial.com 1. When there is a justified departure from GAAP which is considered material, the auditor should issue a(n):

  18. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Quiz 2 For more classes visit www.snaptutorial.com 1. A misstatement in the financial statements can be considered material if knowledge of the misstatement will affect a decision of: 2. As a result of management's refusal to permit the auditor to physically examine inventory, the auditor must depart from the unqualified audit report because:

  19. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Quiz 3 Chapter 5-6 For more classes visit www.snaptutorial.com 1. If an auditor fails to fulfill a certain requirement in the contract, they may be guilty of: 2. Which of the following most accurately describes fraud? 3. Which of the following auditor's defenses usually means nonreliance on the financial statements by the user?

  20. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Quiz 3 Set 1 For more classes visit www.snaptutorial.com 1. If an auditor fails to fulfill a certain requirement in the contract, they may be guilty of: 2. The assessment against a defendant of that portion of the damage caused by the defendant's negligence is called:

  21. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Quiz 3 Set 2 For more classes visit www.snaptutorial.com 1. The Foreign Corrupt Practices Act (FCPA) of 1977: 2. In the auditing environment, failure to meet auditing standards is often:

  22. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Quiz 3 Set 3 For more classes visit www.snaptutorial.com 1. Under the laws of agency, partners of a CPA firm may be liable for the work of others on whom they rely. This wouldnot include:

  23. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Quiz 4 Chapter 9 For more classes visit www.snaptutorial.com 1. The preliminary judgment about materiality and the amount of audit evidence accumulated are ________ related. 2. Auditors generally allocate the preliminary judgment about materiality to the:

  24. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Quiz 4 For more classes visit www.snaptutorial.com 1. Auditors are ________ to document the known and likely misstatements in the financial statements under audit.

  25. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Quiz 5 Chapters 10-11 For more classes visit www.snaptutorial.com 1. Which of the following components of the control environment define the existing lines of responsibility and authority? 2. Which of the following is responsible for establishing a private company's internal control?

  26. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Quiz 5 week 7 For more classes visit www.snaptutorial.com 1. . Which of the following deficiency exists if a necessary control is missing or not properly formulated? 2. An audit procedure that would most likely be used by an auditor in performing tests of control procedures in which the segregation of functions and that leaves no "audit" trail is: 3. Which of the following is responsible for establishing a private company's internal control?

  27. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Quiz 5 For more classes visit www.snaptutorial.com 1. The employee in charge of authorizing credit to the company's customers does not fully understand the concept of credit risk. This lack of knowledge would constitute:

  28. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Quiz 6 Set 2 For more classes visit www.snaptutorial.com 1. An internal control deficiency occurs when computer personnel: 2. The most important output control is:

  29. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Quiz 6 Set 3 For more classes visit www.snaptutorial.com 1. A database management system: 2. A ________ is responsible for controlling the use of computer programs, transaction files and other computer records and documentation and releases them to the operators only when authorized. 3. An internal control deficiency occurs when computer personnel:

  30. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Quiz 6 Set 4 For more classes visit www.snaptutorial.com 1. Which of the following is a component of general controls? 2. Programmers should be allowed access to: 3. An example of a physical control is: 4. Old and new systems operating simultaneously in all locations is a test approach known as:

  31. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Quiz 6 For more classes visit www.snaptutorial.com 1. An example of a physical control is: 2. The auditor's objective in determining whether the client's automated controls can correctly handle valid and invalid transactions as they arise is accomplished through the: 3. The audit approach in which the auditor runs his or her own program on a controlled basis to verify the client's data recorded in a machine language is: 4. A database management system:

  32. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Quiz 7 Chapter 14 -15 For more classes visit www.snaptutorial.com 1. The document that accompanies the customer's payment is the: 2. Before goods are shipped on account, a properly authorized person must:

  33. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Quiz 7 Set 2 For more classes visit www.snaptutorial.com 1. The auditor's objectives for the sales and cash collections activities when the client is primarily an e-commerce business as compared to a "bricks and mortar" business are: 2. A ________ is a document that is matched with the customer order to assure that the correct quantity and type of goods are shipped.

  34. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Quiz 7 For more classes visit www.snaptutorial.com 1. The document that accompanies the customer's payment is the: 2. Before goods are shipped on account, a properly authorized person must:

  35. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Quiz 8 Chapters 16-17 For more classes visit www.snaptutorial.com 1. A listing of the balances in the accounts receivable master file at the balance sheet date, by total balance outstanding and by the amount of time the component parts have been outstanding, is the: 2. Which of the following is the principle "weakness" of using negative confirmations for your tests of details of balances for accounts receivable?

  36. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Quiz 8 Set 1 For more classes visit www.snaptutorial.com 1. Which of the following is likely to be determined first when performing tests of details for accounts receivable? 2. If the client's internal control for recording sales returns and allowances is evaluated

  37. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Quiz 8 Set 2 For more classes visit www.snaptutorial.com . If the client's internal control for recording sales returns and allowances is evaluated as ineffective:

  38. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 quiz 8 For more classes visit www.snaptutorial.com 1. Which of the following most likely would be detected by a review of a client's sales cutoff? 2. Cutoff misstatements occur:

  39. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Quiz Chapters 21-24 For more classes visit www.snaptutorial.com 1. Testing the information on the aged trial balance for detail tie-in is a necessary audit procedure, which would normally include: 2. Which of the following is the principle "weakness" of using negative confirmations for your tests of details of balances for accounts receivable?

  40. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Quiz Set 4 For more classes visit www.snaptutorial.com 1. The Sarbanes-Oxley Act applies to which of the following companies? 2. Which of the following services provides the lowest level of assurance on a financial statement? 3. Which of the following is considered audit evidence?

  41. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Quiz 6 For more classes visit www.snaptutorial.com Week 8 Quiz 6 ACC 403 Question 1 ________ is not a risk specific to the IT environments.

  42. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Week 2 Quiz 1 For more classes visit www.snaptutorial.com 1. The most common way for users to obtain reliable information is to: 2. The three requirements for becoming a CPA include all but which of the following?

  43. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Week 3 Quiz 2 For more classes visit www.snaptutorial.com 1. If the phrase "except for" is present in the opinion paragraph of the audit report, the auditor has issued a(n): 2. The term "explanatory paragraph" was replaced in the AICPA auditing standards with:

  44. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Week 4 Quiz 3 For more classes visit www.snaptutorial.com 1. Which of the following most accurately describes fraud?

  45. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Week 5 Midterm Exam Part 1 For more classes visit www.snaptutorial.com 1. Which of the following is considered audit evidence? 2. The Sarbanes-Oxley Act applies to which of the following companies?

  46. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Week 5 Midterm Part 2 For more classes visit www.snaptutorial.com 1. Which of the following most accurately describes constructive fraud? 2. Laws that have been passed by the U.S. Congress and other governmental units are: 3. "Absence of reasonable care that can be expected of a person in a set of circumstances" defines:

  47. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Week 6 Quiz 4 For more classes visit www.snaptutorial.com 1. If planned detection risk is reduced, the amount of evidence the auditor accumulates will: 2. Auditors are responsible for determining whether financial statements are materially misstated, so upon discovering a material misstatement they must bring it to the attention of: 3. The preliminary judgment about materiality and the amount of audit evidence accumulated are ________ related.

  48. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Week 6 Quiz Chapter 9 For more classes visit www.snaptutorial.com The scope paragraph of the standard unqualified auditor's report states that "… the standards require that we plan and perform the audit to obtain ________ assurance about whether the financial statements are free of material misstatement." What type of assurance is given? When auditors allocate the preliminary judgment about materiality to account balances, the materiality allocated to any given account balance is referred to as:

  49. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Week 7 Quiz 5 For more classes visit www.snaptutorial.com . An act of two or more employees to steal assets and cover their theft by misstating the accounting records would be referred to as: 2. Which of the following is responsible for establishing a private company's internal control?

  50. ACC 403 Knowledge is divine / snaptutorial.com ACC 403 Week 7 Quiz For more classes visit www.snaptutorial.com 1. The auditors primary purpose in auditing the client's system of internal control over financial reporting is: 2. Which of the following components of the control environment define the existing lines of responsibility and authority?

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